Energy Vault Holdings, Inc. has entered into an exclusivity agreement for a $300 million preferred equity investment to establish Asset Vault, a wholly owned subsidiary focused on developing, building, owning, and operating energy storage assets, either stand-alone or paired with generation facilities, in select energy markets worldwide.
The investment will be used for project development, acquisitions, and equity stakes—both majority and minority—to support financing, construction, commissioning, and operation of storage facilities. Asset Vault will hold long-term offtake agreements to ensure revenue stability. Energy Vault will retain full voting and operational control.
The deal, subject to regulatory approvals and expected to close within 30–60 days, marks a shift towards an independent power producer (IPP) model, with an initial deployment target of 1.5 gigawatts (GW) of storage capacity in priority markets.
The subsidiary’s portfolio will include operational projects such as the Cross Trails BESS (57MW/114MWh) and the Calistoga Resiliency Center (8.5MW/293MWh) in the United States, as well as the recently acquired Stoney Creek BESS (125MW/1.0GWh) in New South Wales, Australia. The Australian project is supported by a long-term energy service agreement under the state’s Electricity Infrastructure Roadmap.
Energy Vault reports a pipeline of around 3GW of battery storage projects across the U.S., Europe, and Australia, with U.S. projects benefitting from federal Investment Tax Credit (ITC) incentives.
The company expects Asset Vault to generate more than $100 million in recurring annual EBITDA within three to four years, in addition to revenue from its existing energy storage solutions business.
